Business Planning: Do You Know Your Break-Even?

Break-EvenWhen you are planning for your business, you need to know when you will earn a profit. Calculating when is usually done through a break-even analysis, and it is always a necessary part of any business plan. The report will help identify when you will reach profitability and if your business will make money through the break-even point. Many beginners in companies get to be overwhelmed by the idea of creating a break-even analysis, but it is critical to know how a business can be successful.

A break-even analysis is essential because it will show if your anticipated revenue will be higher than your costs. Do you have a great business idea in mind? You need to know your break-even point first. Read on below to learn more about learning more about break-even analysis.

How to Begin With Your Break-even Analysis

  1. Estimate expenses and revenue streams

To generate an accurate estimate of your expenses and revenue, you can do some research on the current market that is related to your business. These estimates are essential in calculating your break-even point:

  • Overhead expenses or Fixed Costs – these include your monthly expenses like rent, utilities, and insurance.
  • Variable costs – these are expenses that are dependent on the number of items produced for the business. Examples are raw materials and labor
  • Revenue – this is the amount you expect to make from all of your sales. These numbers could be estimated monthly or annually.
  • Contribution Margin – this is calculated by subtracting a good’s variable cost from its selling price. If you are going to sell a product for $100 and the cost for materials and labor costs $50, your contribution margin is $50. The remaining $50 is used to cover overhead expenses, and whatever is left from that is your net profit.
  1. Calculate Break-even Point

After having the estimates identified above, you can calculate your break-even point. There are several ways to calculate your break-even point. One way is to calculate it based on units. You divide the overhead expenses by the revenue per unit produced minus the variable cost per unit of manufactured goods.

Break-Even Point (Units) = Overhead Expenses ÷ (Revenue – Variable Cost) per unit

In calculating the break-even point in terms of dollar sales, you will divide the fixed cost by the contribution margin.

Break-Even Point (dollars) = Overhead expenses ÷ Contribution Margin

How Break-Even Analysis Can Help You Launch Your Business

Based on numerous definitions, profit is defined as the amount of revenue a business gained that exceeds all the expenses involved in the business activities. Your business’ need to get enough profit depends uponyour business goals. Having a break-even analysis can help you with that. The second part of the break-even analysis will help you identify how soon you can earn profit and what you need to do to improve the time it takes.

Here are other benefits of generating a break-even analysis before creating a business plan:

  • It helps you plan to avoid losses.

When you have the numbers from your break-even analysis, you can determine the sales quantity for you to generate enough revenue to keep the activities going. Knowing how much you need to produce or how long you need to provide services will avoid potential losses in the future.

  • It helps you determine your profit levels.

Just like what was mentioned above, using break-even analysis can help owners to determine how much they can earn at different sales volumes. Any sales volume or number that goes beyond the break-even point is already a profit. When you already determine the sales volume you need to reach a certain profit level, you can plan your business needs accordingly, like materials, labor, and other costs.

  • It helps you set the right price for your goods and services.

Your price offering is one of the significant factors that you must consider when you start a business. Setting the right price for your goods and services will dictate if you will succeed or not. Selling price affects business profitability in several ways.

You may be tempted to underprice your product if you want to compete in the market. Many people may think that lowering sales prices can increase sales volume. However, cheap goods or services can be perceived by the masses as something of poor quality. Setting the price low is also a tricky strategy if you want to be present in the market scene for the long term since people might not trust you in case you suddenly increase prices due to rising variable costs.

If you have your break-even analysis, you can set different price levels and evaluate break-even numbers for each level. The numbers will help you study the effect of each price level taking into consideration other factors like competition, affordability, and inventory management.

  • It helps you with scheduling your inventory requirements.

Generating your break-even analysis can help you with maintaining healthy product inventory levels. It is critical for any non-service business to stock enough inventory and has products available over a given period. You can set your inventory volume based on the number to provide by the analysis when you use the constant quantity of units needed to be sold at a given period to have stead profit. It will help you prepare your initial inventory and plan on the restocking based on your cash flow. For service industry businesses, you need to know what level of employment is needed in the same way as product based businesses.

  • It helps you create your business timeline.

One of the primary reasons why having a break-even analysis is essential before creating a business plan; it is because it will dictate your business timeline. Any business owner would want a stable income flow that is also sustainable. A good standard for measuring optimum sustainability for any business is when it earns profit within the first four years of operation.

Profitability is affected by several factors like the nature of business and the current market status or competition. According to reports, advertising, marketing, banking, and insurance businesses tend to profit the fastest. Meanwhile, companies in the food and medical industry tend to earn longer due to high competition in the market. Considering all the factors that affect profitability, industry-wide data, and your break-even analysis, you can plan your business timeline accordingly.

  • It will help you increase your profit faster.

Provided that you already have a realistic timeline, you will know when you can earn your profit. However, if you want to be aggressive in your business and take calculated risks, using the break-even analysis can help you increase your profit faster. To reach a certain profit level, business owners need to stay focused on fixed and variable costs. It would be best if you optimized revenue while reducing your costs.

If profits are getting smaller, considering that there are no issues in the current market and sales volume, you should look into the expenses. Break-Even analysis always has the expense side of the equation. Through the study, you will have an idea to continually review your spending habits and ensure that everything brings value to the business. If you reduce the costs, even without increasing the sales volume and price offer, you will see an increase in profit.

  • It can help you determine the tools to help you in your business.

Make sure that you have the right tools and equipment to keep business activities running smoothly. Since the break-even analysis will show you how much you need to spend and how much you need to produce, you can plan finances accordingly.

Most businesses need to borrow funds as a source of capital. Loans are already considered in your fixed costs. You might need to borrow money to produce a certain number of products, and the amount you will loan is included in your break-even analysis.

In reality, the need for capital will often decline over time. This is because it is expected that you will have growing revenue. However, if you are planning for your business to stay for longer periods, you can expect to borrow again to sustain the operations and have a steady cash flow.

Conclusion

Numbers generated from your analysis will give you an idea of how much you need to produce to reach that break-even point or achieve your target profit or margin. Aside from that, break-even analysis is also used for daily operations and planning.

The break-even point can dictate if the prices of the goods and services are already enough to gain decent revenue or profit. Aside from that, it can also help you with deciding which variable costs are sustainable. Apart from that, it can also help determine the need for new products and services to increase profitability.

The bottom line is, calculating the break-even point is useful not only during the beginning of a business plan but also for its continuity. It is an essential tool for business planning and ensuring that any business opportunity can provide profit. That is why it is never wise to skip this critical step when creating a business plan. Always consider generating an analysis before engaging in any business activity.

On the other hand, we see a lot of companies that are not as concerned about break-even as they are about market share. Some of those companies are loosing significant amounts of money as they build their brand in the hopes of huge profits in the distant future. The WeWork fiasco of 2019 is a perfect example within the office space industry how things can go very badly with that strategy. WeWork lost $1.61 billion in 2018, up from $884 million in 2017 and $429.7 million in 2016. And yet, their founder walked away with a $1.7 billion dollar payout. In 2018 the Wall Street Journal identified that 80% of IPOs in 2018 have been for money-losing companies.

So what’s the best strategy? Let us know what you think?

Philadelphia Office Space: Discover What The Comcast Center Campus Has to Offer

Philadelphia office space at comcast campusThe spectacular Comcast Center Campus (CC Campus) brings life to the very heart of Philadelphia. Located off of 17th and JFK Boulevard, Comcast Center Campus brings you the beauty of the arts, luxury accommodations, and mystic from one central location. If you’re a local or a tourist keep reading more details about the Comcast Center Campus and why it’s a wonderful place to visit, but also one of Philadelphia’s top attraction.

The Comcast Center Campus consist of two skyscrapers. The Comcast Center was completed in 2008 and consists of 1.24 million square feet of rentable space in its 58 stories. Its partner, the 60 story Comcast Technology Center was completed in 2018 and has 1.566 million square feet of rentable space. Both among the tallest buildings in the US.

Explore The Rich Diversity Of Philadelphia’s Comcast Campus Center

Stand Alone Location

As some of the largest skyscrapers in the United States, the Comcast Center Campus also stands as the tallest buildings in Philadelphia. With 58 and 60 stories, you can’t miss the panoramic view of the city. The  58-story Comcast Center was proudly designed by A.M. Stern Associates. The 60-story Comcast Technology Center was wonderfully crafted by architect Lord Norman Foster and Foster + Partners, and debuted in 2018.

The Comcast Center is LEED Gold certified and the Comcast Technology Center is soon to follow. Both stories were designed with sustainability in mind.

Breathtaking Lobby Area

The lobby is the first area of the Comcast Center Campus that will capture your attention and is known as the the Comcast Experience. Their impressive video wall is featured in the lobby with 10 million pixels and over 2,100 square-foot screen. As one of the world’s largest video walls, guests can enjoy a 4-millimeter continuous video wall.  The public can enjoy free year-round programming with no ticket required. Residents have any opportunity to also enjoy the lobby during the holidays for the seasonal Comcast Holiday Spectacular. The event has phenomenally attracted over 2 million residents and tourist since 2008.

The Vernick Coffee Bar-Food And Drink

A partnership between James Beard, Award-winner Greg Vernick, and the Four Seasons presents the all-day brasserie on the upper-level of the Comcast Technology Center. The Vernick features a takeaway bakery and barista counter including a 40-seat cafe that offers full service. While one of Philly’s chefs offers a global combination of flavor and goodies.

What To Enjoy Below The Lobby -The Concourse

What’s below the lobby is one of Philadelphia’s best kept gems of the Comcast Technology Center. The Concourse is anchored by Philly culinary institution Termini Bros. Bakery and Di Bruno Bros. Guests enjoy a wide range of casual eats, a deluxe farmers market, and retail shops. The Concourse seats 400 and offers FREE Xfinity Wi-Fi. Residents and tourists can enjoy the easy accessibility by public transportation.

Philly’s Fanciest Hotel – The Four Seasons

What happens in Comcast land impacts all of Philadelphia. The Four Seasons has made recent headlines and is the top hotel in the area and home to the Comcast Center Campus. The Four Seasons in the Comcast Center Campus recently opened in March and is popular for having roundabout valet parking and a ritzy spa. With a super fast 11 mph glass elevator, guest get around the hotel with ease.

Other Four Season Features include: 

  • separate drive-up entrance (leads to the Vernick coffee bar)
  • Jean-Georges is open to the public
  • Vernick fish restaurant has a well rounded menu
  • spa has crystal walls
  • impressive (guest only) infinity pool
  • bathrooms with a view
  • digital do not disturb
  • meeting rooms galore

Recent reviews were of guests and tourist raving about the Comcast Center Campus Four seasons. The Four Seasons occupies floors 48 through 56 of the Comcast Technology Center accounting for 230,000 square feet. With 219 guestrooms, enjoy top-notch amenities and sleek furnishings at Philly’s fanciest hotel- the Four Seasons. The spa that measures 10,000 square feet with sophisticated meeting and event space.

The Art Of The Comcast Campus Center

The Comcast Campus Center offers art for everyone including the public. Their goal was to compliment their employees as well as residents and guests.

Public Art

A number of artist have contributed to the Comcast Technology Center. Two pieces by renowned artists grace the bi-level. While dozens of other artist have created dominating sculptures, furniture, and murals throughout the Comcast Center Campus. Residents and tourists are encouraged to enjoy fine art throughout the building.

Internationally renowned artist Jenny Holzer was able to create a striking piece of visual art that spans across the ceiling by leaving her mark on the Comcast Technology Center. In 2018, Holzer created a 17 hour scrolling ticker that can be seen from the street that features continous content. Enjoy thought provoking writings, poets, architects, and local Philadelphia public students and authors .

Another piece of interesting art in the Comcast Campus Center includes Humanity in Motion by Jonathan Borofsky. In the winter garden of the Comcast Center, suspended life-size figures walk across beams to invoke that every individual has a unique path to follow.

The Comcast Center Philadelphia Campus mixes technology and culture together. Their employees have an opportunity to work to imagine the future while there vertical neighborhood outstandingly features something for everyone. As Comcast’s global corporation, the Philadelphia Comcast Campus Center is estimated at $1.5 billion. Enjoy a rich combination of technology, art, food, hospitality, and culture from their impressive tower.

From the rooftop restaurant vistas, superb dining, public art, and world-class luxury accommodations of the Comcast Campus Center, you’ll find lots to do. In fact, they proudly welcome you to enjoy everything they have to offer. You don’t want to miss the activities behind the walls of breathtaking Comcast Center Philadelphia Campus. Each year millions of people grace their halls. You’re invited to visit the tallest buildings in the city and some of the tallest buildings in the world by stopping by the urban Comcast Center Campus.

If you’re interested in learning more about Philadelphia office space, contact us at OfficeFinder for more details today!

Tips To Keep Your Business Up To Date With Advancing Technology

Every business owner has to keep up to date with advancing technology. It’s true even for those who don’t run technology businesses and it can be overwhelming!

IT advancing at Work

IT seems to be always changing. Computers and networks, security systems, phone systems, and office productivity software are all products of technology and continually advancing. How can you keep up? Technology helps businesses in many ways. These can include systems for customer relationship management, software for tracking daily purchases, network linking the different members of the organization, or keeping the IT aspect of a business up to date. There is help from Information Technology (IT) support providers like Orlando IT support provider Data Cube Systems who will ensure you don’t fall behind. There’s no doubt that technology brings many benefits to the table.

However, technology evolves at a rate that can be daunting for business owners. At times, it seems that it’s too fast, leaving companies struggling to keep up and adopt. Nevertheless, technology helps businesses to function effectively and efficiently.

Below are a few tips to keep your business up to date with advancing technology:

Identify Your Needs

Take some time to think and determine what’s relevant to you and your business. For example, if your company focuses on sales, you likely have a sales team that reaches out to clients that are, most of the time, out of the office. That means that you need useful tools for quick and easy communication between you and your team members.

What you can do is to start making a list of the things that your business needs. So, your employees stay connected with clients and with one another. Your hardware needs are likely to be mobile phones, tablets, or laptops in addition to the computer network and phone system in your office.

Then make a separate list of the things that your whole team needs to make the most out of those technologies. It could be the ability to start and participate in conference calls. Or maybe you and your staff need to obtain access to the same document or spreadsheet file anytime and anywhere to update or input data.

It’s essential to know what you need, and it’s the first step that your business can take to identify the most appropriate technology and implement it right away.

Strengthen Customer Service Practices In Your Business

As a business owner, you know so well how essential it is to provide excellent service to your clients. Putting customer service at the top of your priority list is another way to ensure that your business keeps up with technological advancements. Excellent customer service requires your systems to run as quickly and as efficiently as possible.

You have to find ways to improve your website, especially if your customers are making payments or interacting with you through it. Your website should deliver a seamless experience to your clients, avoiding inconveniences as much as possible.

If you want your customer service practices to become of the bests and help you retain your customer base, you have to keep an eye on tech trends. One excellent technological product to help you with building and maintaining relationships with your clients is CRM software.

Define Your IT Strategy

Your business needs a defined IT strategy. It’s essential to note that defining an IT strategy is another way for your company to keep up to date with advancing technology. Assess your needs and evaluate whatever resources are available to you at the moment.

The IT strategy of your business should help you narrow down the kinds of technologies that you need for your business to run efficiently. Once you’ve already come up with an IT strategy and identified the technological products that you need from software, hardware, electronics, to equipment, it’s time to ensure that your office space can handle everything comfortably. If you’re planning to rent an office space, make sure it has the features that support the technological resources of your business.

Nothing Beats Planning Ahead

The best way to keep your business up to date with advancing technology is to plan ahead. Always remember not to become reactive when new technology trends come out. Use the buzz around new technology getting scheduled for unveiling to your advantage. And have your third-party Orlando IT support provider analyze upcoming technologies and ask them to assess whether or not these technologies suit the IT strategy and needs of your business and the current office setup you have.

Final Thoughts

You have to stay current with the ever-changing trends in technology if you want your business to remain relevant and competitive in the modern business world. It will help your business maximize its existing technological resources and invest in the right technologies moving forward.

 

 

 

 

 

 

 

 

How to Make Better Coffee at Your Office

Does your office coffee taste terrible or not as good as you’d like? Find out the mistakes you’re making and how to make better coffee at your office.

Better CoffeeLet’s face it, office coffee is never the best coffee.

It’s bleak, it’s bland and for whatever reason, it just never tastes as good as the coffee shop down the street. Despite its bad reputation, we find ourselves drinking cup-after-cup and depending on it to power us through tiresome afternoons.

But, what if office coffee didn’t have to be so bad after all? In fact, what if office coffee could somehow transition into an enjoyable drinking experience?

As it turns out, office coffee doesn’t always have to resemble a sad cup of Joe. If you’re interested in learning how to make better coffee at your office, you’ve come to the right place. We’re showcasing five simple tips and tricks for turning your office coffee experience into a pleasant one.

Let’s get started!

  1. Opt for Fresh Ground Beans 

Is your office stuck in the sixties with instant coffee?

You know, the ground coffee beans that dissolve when placed in hot water? Sure, it’s utterly convenient and it can be made anywhere with hot water. Perhaps this is why 34 percent of retail brewed coffee around the world is instant.

Regardless of convenience, we all know that fresh ground coffee produces superior coffee. So, if you have the time and the budget, why not spring for the better option?

With this, you can either ground your coffee beans yourself or simply buy freshly ground coffee beans. While this does involve using a coffee machine or a device such as a french press, it’s always going to make for a more enjoyable experience.

  1. Buy a French Press 

A french press is one of the most simple and effective means of making great coffee.

Unlike a coffee machine, it doesn’t have to be plugged in, use energy or take up prime counter space. Instead, you can simply store it in the office cabinet without the fear that it’s going to take up too much space.

A French press works through steeping coffee grounds inside of a beaker. Once the coffee has steeped, a mesh filter will be pushed to the bottom of the beaker and separate the grounds from the liquid coffee.

Of course, it’s your decision whether you opt for a single-use french press or a large, group-size french press.

  1. Use Filtered Water 

It’s time to up your water game!

Who knew that filtered water could make such a difference in your day-to-day coffee routine? This is especially the case for those locales in which simple tap water doesn’t taste the best.

Sure, filtering your water for your coffee but sound silly at first. But, remember, coffee is 98.75 percent 98.75 percent water. When we consider this fact, it’s easier to see why the quality of your water matters so much.

At the end of the day, water is not supposed to have a distinct taste. In a way, water is supposed to taste like nothing. This means that you’re going to be enjoying the pure taste of coffee rather than the lake down the street.

  1. B.Y.O.M.

Let’s be honest, the mug in which we drink can make or break our coffee experience.

Do you find yourself drinking out of a sad, uninspiring styrofoam cup at work? Or, what about a red plastic cup that was leftover from the work party last Thursday? Not only do disposable cups make for a bad drinking experience, but they’re also incredibly harmful to the planet.

If you don’t think a reusable mug is going to make a difference, it’s time to think again. Let’s consider that just one disposable coffee cup contains 0.24 pounds of carbon greenhouse gas emissions. It’s easy to see how utilizing even one disposable cup per day will get out of hand.

Instead, make a point in bringing your own mug from home every single day. You can opt to leave it at work throughout the week to make this easier.

Of course, there’s no denying that this is way better for the planet. But, it’s also sure to elevate your coffee drinking experience! With such a simple transition, you’re going to feel more relaxed and enjoy your cup of Joe all the more.

  1. Start a Workplace Coffee Rotation 

It’s officially time for all coffee lovers to unite!

If you seriously want to make a point in bettering your office coffee, why not start a coffee club or coffee rotation with your co-workers. This could entail each person bringing in different types of coffee beans each week.

One month could feature all local roasteries and serve as a way to get to know the coffee roasters in your neighborhood. The next month could feature coffee beans from one specific coffee-producing country such as Costa Rica.

This will be a fun way to try different types of coffee and to encourage a better coffee atmosphere amongst your work environment!

How to Make Better Coffee 

If there’s one thing the majority of co-workers can ususally agree on it’s this: The coffee machine at work sucks.

As a result, this coffee machine often sits in the corner of the office seemingly untouched. To get their daily caffeine fix, employees jaunt down the street to the local cafe. Here, they spend their hard-earned money on overpriced and underdelivered coffee.

So, what can be done about sad office coffee, you ask?

It’s time to make office coffee great again.

If you’re wondering how to make better coffee, be sure to use this guide to lead the way. Not only will you have the privilege of good quality office coffee, but your co-workers are going to be eternally grateful.

All hail the coffee Gods.

 

5 Keys To Hiring Top C Level Talent

executive search

Hiring entry-level positions is a repetitive process, and HR follows the usual route in looking for potential employees. Executive search, on the other hand, does not implement the normal hiring process. Executive recruiting is a process of finding and hiring candidates for the vacant top positions in the company.

Looking for C level talent is looking for the next manager of a department or the next chief executive officer. Hiring for top-level positions is a crucial process since one wrong move can have negative repercussions for the company.

Importance of Executive Hiring

Hiring the ideal candidate for a company is critical for the overall success of the business. The next leader of the company will be making crucial decisions that will shape the current organization’s culture and future. Hiring C level talent should be approached with the highest consideration and importance. If you are tasked to look for the next leader for the company, there are several things that you have to keep in mind.

Read below some critical tips on hiring the best C level talent for your company.

  1. Craft The Best Job Description

For the candidates to know more about the vacant position and its responsibilities, you should create the best job description. The job description must provide details so that they can understand the job and the industry the company belongs to. A good job description also depicts the personality of the ideal executive candidate and define what qualities must be present to be perfect not only for the role but for the company as a whole.

  1. Take Advantage of Networking

In looking for the best C level talent, you have to take advantage of referrals and your network in other human resource departments. Most of the time, existing employees in the company are informed of the job opening in the business. There is a huge chance that someone in your own company knows someone who is an excellent fit for the role. Employees and even existing leaders in your company may know someone from their circle of friends or previous job who they can vouch for.

You should also think outside the box. Expand your connections using social media, investors, board members, or other stakeholders. These people might know someone fit for the job: the bigger your contacts, the better. Using your connections is considered one of the best ways to look for the best executive candidates.

  1. Build Rapport With Your Candidates

Once you have your candidates in for an interview, build rapport with them. When talking to candidates, you should make a personal approach and focus on the candidate during the whole recruitment process. One of the challenges with executive recruiting is there is competition in acquiring top talent. Candidates know that they are in demand, and they have the luxury of choosing where they want to go.

You should never attempt to sell the position or the company. Focus on getting to know the candidate and learn about their achievements and credentials. Make sure that you show that you are interested in knowing them. Get to know them better by learning what drives them and their desire to lead a team.

  1. Provide an Unforgettable Candidate Experience

To make sure that you attract top C talent, you have to provide a great experience during the recruitment process. You always have to know you are also facing competition in the form of other companies willing to hire your candidate. Go the extra mile and differentiate your approach from other companies. You must show how much the business is invested and committed to hiring top talents for the executive position.

It is recommended that you offer some time to introduce your candidates to your top management team or director. By doing so, you show your candidates how dedicated you are by letting them know who their boss will be. Aside from that, be flexible with your interview times and be prepared to meet them even outside working hours. Adding personal touches like asking them about their favorite snack or restaurant will make them feel special.

  1. Always Keep Your Standards High

As part of the recruitment team, you might be feeling a little bit of pressure in finding the best person to fill an executive position. Always remember that hiring for the executive position is vital in the success of the business, so keep your standards high. Always check references and the validity of the information on their resume.

Conclusion

Looking for the best person to fill the executive positions can be quite a challenge for HR or talent acquisition departments. You must remember to be clear in your job postings as it should depict who you want to hire and show off the company’s culture and nature. Once you have your candidate, make sure that you provide them with an unforgettable recruitment experience as you are facing competition with other companies as well.

Lastly, keep your standards in hiring high. Being under pressure of filling leadership positions should not be the reason to rush into hiring just anyone. Hiring the right top C talent is crucial to the success of your business.

The Essential Guide For Renting A Good Office Space For Your Team

Office SpaceLike most real estate sectors, the rental market for commercial office space has increased in cost significantly since 2018. Based on data gathered during the second quarter of the year, the asking rents rose to 3.4 percent per year to $25.71 per square foot. Yet despite the increase, small businesses still opt to rent office space instead of buying their own buildings for a lot of reasons. These include minimal financial commitment and tax deduction. They can also provide more flexibility for expansion. Renting an office space vs remote working can be beneficial for your business, especially if you know how to choose the right location. But aside from looking for a good venue for the operation of your business, here are some tips that you need to consider if you want to rent your office space.

Consider Your Budget

Before signing the lease for your office, determine whether you can afford the big move. You need to ask yourself and talk to your financial advisers to ask if the time is right for your  company to have a larger space. When choosing the office, you must think about how the new office rental expenses will affect your bottom line. Think about your other  expenses like the furniture to purchase or rent, and other necessities including your small business insurance, utilities, and Internet services. In some cases, an executive suite or coworking space may be a better answer than going out on your own. Typically, they are furnished and you know the total cost each month without having to pay other expenses such as utilities.

Think About Your Staff

If you are running a small business with a few team members, you need to look for a space that can fit everyone in. The area needs to be spacious enough for the desks of each member of the team. If you are still planning to expand, you must allocate a few extra spaces for future employees. The office rental must also be conducive to the health and safety of your staff. It should be located in a safe spot where access to hospitals, police and fire stations is readily available.

Study The Lease Thoroughly

Always have a clear idea about what you will need in the space. If possible, consider taking several trips to different locations to know if the area has the right vibe for your business. Your tenant rep must also know how to negotiate with the landlord to give you the best discounts. Make sure they are experienced, like the ones we have at OfficeFinder. Thoroughly read and analyze the contract before signing the papers. The document must point out all the provisions that both you and your landlord had agreed upon. Make sure to thoroughly review the rules and relgulatons, too. Otherwise, you may not notice the necessary rules that coudl affect yourbusiness operation.

The process of renting out an office space for your business can be tedious and time consuming. That is why having a tenant representative on your side is so important. You need to think and consider a lot of things before finalizing the deal. Your tenant rep will make sure that you don’t make any costly mistakes and consider all the necessesary factors. But as long as you and the owner can come to agreement when making decisions, this will set a solid contract that will last for years to come.

9 of the Best Online Financial Tools That Can Benefit Your Business

There are several online financial tools that can benefit your business. If you want to learn about the best tools, you should read on.

Fianancial Tool

Some say that a poor workman blames his tools, but in some scenarios, a workman can only be as good as his tools.

Using outdated, unsuitable software to accomplish basic accounting functions is inefficient and unnecessary. In this article, you’ll learn about nine of the best online financial tools to propel your business’s finance team forward.

  1. Xero

One of the most popular tools on the market today, Xero is the modern accounting team’s favorite tool. Xero is entirely cloud-based, allowing the software to work well with remote teams and employees, and comes with the ability to create online pay stubs.

  1. Startup Financial Model

The Startup Financial Model tool is ideal for budding entrepreneurs looking to take their business plan out of Excel and into the twenty-first century. Not only will this tool permit investor visibility, but it also comes with a 7-day free trial so you can try it out before you commit to a contract.

  1. Scoro 

Scoro is the ultimate budgeting tool. One of its best features is a full-formed KPI dashboard with excellent data visualization. Presentations become a breeze for any startup finance team.

  1. Centage

If your business has taken off and is more suitable for an enterprise-level tool, then Centage is right up your alley. Much more powerful than some of the startup accounting tools on this list, Centage requires that you contact them for you to get a pricing estimate.

  1. Quickbooks

Quickbooks is widely regarded as the best accounting software for startups. Its ease of use and excellent implementation will enable you to get up and running on the platform in as little as a week.

  1. Freshbooks

Freshbooks is almost like a scaled-down version of Quickbooks for those startups that aren’t quite at the Quickbooks level yet. Freshbooks offers great flexibility with its growth plans, but also an excellent bird’s eye view of your finances.

  1. Freeagent

Are you a freelancer or a very small team? Freeagent might be the perfect tool for you.

Freeagent tries to be an all-in-one platform, allowing you to manage customer invoices, business expenditures, tax, and do project management, all in one tool. Although it doesn’t do any particular function better than the rest of the tools on the market, it manages to do each one quite decently.

  1. Bill.com

Bill.com is the tool for financial transaction automation. Never worry about missing a bill again or not remembering to collection on an accounts receivable. This software will take over all of that.

As an added bonus, it also integrates with most of the accounting software on this list (including Quickbooks and Xero).

  1. Netsuite

Netsuite is another enterprise-level tool, ideal for organizations with larger accounting teams. Netsuite includes ERP and financial planning software. However, enterprise functionality comes with an enterprise price tag, so you may want to skip this tool if your revenue streams are still finding their footing.

Leverage Online Financial Tools for Continued Growth

If your business is beginning to hit a slump in its development, your growth may be being hindered by a lack of access to the right tools. Leverage one of these nine online financial tools to take your company to the next level today.

Make sure to check out the rest of our blog for more small business tips!

The Essentials Before Heading Out Into The World Of Business On Your Own

By 2020, it is estimated that approximately 27 million Americans will leave the workforce in favor of self-employment, according to estimations in the 2018 FreshBooks report.

self-employment

The penchant for self-employment and entrepreneurial spirit that is alive in the country is not necessarily new information. The country ranked first on the 2018 Global Entrepreneurship and Development Index (GEDI), and cities across America are quickly becoming hotbeds for business innovation and startups. With over 24 million Americans contemplating self-employment in 2019, one key consideration for them will be how they can best be prepared for this professional leap. Taking a few steps before starting your own business sets you up for success, and helps the incorporation period of your business run much more smoothly. It includes securing the right office space, a dedicated workforce and everything in between.

Define Your Target Market And Competition

Creating a customer profile helps you define who your potential customers will be so that you can personalize your communications, location and even packaging according to what they prefer or demand. To do this, you need to conduct thorough market research and seek information on competing businesses in the industry. Take note of current trends in the industry, such as social media communication and advertising trends or any new complimentary service being offered by other companies already operating in the market. Getting to know your competition means you can capitalize on their shortcomings, providing the customers with what they seek. It also helps you define your boundaries: do you have enough funds and human resources to fill the need uncovered by the market research? More importantly, how can you make your offering unique and notable?

Decide On Your Location – Brick And Mortar, Ecommerce Or Both?

Now that you know who and what you wish to be selling, it is time to answer the questions of where and how. The first question to address is whether you want to sell in-store or online or both. Thanks to technology and the embracing of the internet, most businesses now have an online presence in addition to their brick and mortar locations. When choosing a location, look at factors such as closeness to your target market, availability of your supply, and ease of distribution. Whether you intend to sell online or in-store will also determine the kind of premises you secure; whether it is intended for warehouse storage and distribution or customer browsing and storefront as well. OfficeFinder can help you find the right location.

Back Your Plans With The Funds

Once you have decided on the target market (who) and the good/services to be offered (what), it is time to answer the question of how. This is where financing comes in. To kick-start your plans for your own business, you will need some degree of startup capital for the purchase/leasing of business premises, stock, machinery and promotional activities. Around 77 percent of small business owners use their personal funds to start their business, while 16 percent rely on borrowing from friends or family members.

Alternatively, you can opt to apply for a bank loan or credit like 24 percent of other business owners do, according to GuidantFinancial. The average in business loans taken is USD$72,2771, with 23 percent of owners borrowing more than that. If you do intend on financing your business with the help of loans and other credit, you should also check your credit report to ensure it is in optimal shape. The credit report of business owners (particularly small business owners) is one of the go-to things lenders consider in your application, so now would be the perfect time to boost your score or address any discrepancies in your financial past. Find more information here.

Create A Mock-Up

If you’re going to apply for a business loan or secure investor backing, you will need to pitch your idea, and a mock-up can help you sell your vision. This means creating a business plan for your financing process, which should detail your product/service, your target market, and your plans to meet the needs of the said market. Plan execution will include a marketing and sales plan, along with financial projections of your revenue and costs and your projected cash flow. It is important that you pay particular attention to your cash flow, since lenders will be taking note of cash management strategies. Finally, to round out your business presentation, you can create a demo business website and sample business cards or adverts.

Making the decision to head into a self-employment business for yourself can be fraught with many decisions in the beginning. However, the trick is to approach it systematically and carefully taking into consideration the essential decisions before you kick-start your venture.

Standing Desks Health Benefits: Protecting Your Employees Health

Offering your employees standing desks can actually benefit the health of your employees. Here is some information about standing desks and employees health benefits.Standing desksAs their name suggests, standing desks are a type of desk that allows you to work standing up.

They can be raised and lowered as you see fit.

Standing desks are more than just a fad — they are a way to keep your employees engaged and healthy at work.

Standing throughout the workday provides a few substantial health benefits to you and your employees. Understanding the major standing desks health benefits can help you decide if you should invest in them for your office.

Here they are:

  • Weight Loss and Posture
  • The most obvious benefit of choosing a standing desk is that it helps burn more calories with very little extra effort on the part of your employees.
  • A recent study showed that working at a standing desk can burn an extra 1,000 calories per week.
  • Beyond the improved weight loss, standing for at least part of the day can help alleviate back pain.
  • Sitting in an office chair, especially if you are prone to slouching, can lead to back pain and problems like slipped disks.
  • Comfortable Fit for Your Employees

One of the best things about standing desks is that they can switch between sitting and standing.

This is a more inclusive work station since it can be easily adjusted to the height of each of your employees. It also means that people can sit down and take a load off if their knees or feet start to get sore.

You can shop these desks to either convert or replace your current desk so that your workspace stays the same despite being higher up.

They also help prevent people from banging their knees or being wedged into uncomfortable positions. It can help people keep their hands in proper position on their keyboards, which can help prevent carpal tunnel.

Better Mental Engagement

The fact that you can switch between standing and sitting with a standing desk also helps keep your employees engaged.

Allowing people to switch every hour or so can help people stay focused instead of dozing off at their keyboards.

A study found that high school students saw better test scores when they used standing desks because they were able to focus better and engage with their work.

However, the benefit of being engaged at work is not solely related to productivity.

Another study found that using a standing desk reduces feelings of fatigue and stress. This marks an improvement in the mental health of your employees and can help prevent both boredom and burnout.

These Standing Desks Health Benefits Make It Clear

To improve the overall health and happiness of your employees and keep their morale high throughout the workweek, a standing desk is a great solution.

You can easily retrofit your existing workspace to accommodate standing desks, reaping the benefits in no time at all.

On a personal note, my daughter, who works at the Bill and Melinda Gates foundation, swears by her standing desk. A great company who wants to ensure their employees health. Your company should follow their lead.

For more information like this, check out the rest of our blog. It’s chock-full of tips that you can use to keep your employees happy, healthy, and productive. And if you are looking for office space, we can help at no cost to you. Contact us today!

 

6 Jobs You Should NEVER Outsource

outsourcing meetingOutsourcing is one of the most popular trends today when it comes to company operations and productivity. As more advanced technologies are developed, businesses gain more avenues to outsource their services to other companies, most of which are located overseas. In fact, the need for particular responsibilities to be outsourced soared in the United States, reaching almost $76.9 billion in 2016.

Communication and project management between clients and outsourcing partners have also improved in recent years, allowing for a more seamless operation. Outsourcing is also becoming a great help even to smaller businesses. Some outsourcing companies are now even offering virtual offices to startups.

Here are some other popular benefits of outsourcing:

  • It can save resources. Outsourcing companies can provide the same expertise but with a fraction of the cost.
  • It offers flexibility to employees. In-house employees would have more time to focus on tasks and responsibilities that have a direct impact on how the company progresses.
  • It promotes efficiency at work. Both in-house and outsourced functions are done easily andpromptly.
  • It allows access to a diverse field of multinational, skilled talent. Outsourcing will enable companies to tap talents by working with people who specialize in specific tasks.

But with all of the advantages that outsourcing brings to the table, is it advisable to outsource everything? Here you’ll find that there are specific projects and campaigns that your company should take on and complete by yourself.

Not Just About Results

Sometimes, businesses outsource their tasks because they want to focus on getting things done. Though it’s certainly not a problem to be results-driven, it’s always a must to understand the whole process of the operation or project. That way, the companies’ in-house employees would become more skilled and experienced in handling similar tasks in the future.

Here are six jobs you definitely should not place on contractors:

  1. Executive and Administrative Leadership Roles – Never outsource roles that have a direct impact on the company’s path to success. The vision and objectives should come from its own executives. If there are people who know the basic principles that keep the business moving, then it should be these people.Most companies appear to have a good understanding of this, as 89% of companies do not plan to outsource any of their strategic planning and executive functions, while 80% are not outsourcing marketing-related responsibilities.
  2. Employee Training and Development – The company management should be the one responsible in training and advancing the skills of its employees. It’s not right to assign a third-party service provider to guide employees—you should have control over how you lead your members to become better professionals in the future.
  3. Termination Management – Similar to previous points, the on-site human resources department should be the one responsible for terminating and retaining employees. It should always be prepared to deliver both good and bad news to employees.
  4. Core Business Competencies – If your business is selling a particular product or service, then your team should have expert knowledge about them. Don’t expect an outsourcing company to be experts at what you sell or do because they focus mainly on their outsourcing skills.
  5. Risk Management and Problem Solving Tasks – The idea is not just to solve a particular problem or achieve a goal. The most critical factor in a growing company is gaining enough knowledge on how it’s done.When problems arise, it’s better to have your own team of problem solvers who can get the job done. The ability to solve problems also has another positive result—it prevents these issues from happening in the future.
  6. Company Financing – The finance department has the responsibility to decide how much budget is given to particular projects and departments. Financial decisions, investments, and other expenses should not be outsourced because in-house financial managers have a clearer picture of the status of the company.

Outsourcing is Here to Stay

Outsourcing is indeed becoming a staple portion of any successful company, and it’s happening outside the US. In the past, outsourcing partnerships materialized because of phone calls and meetings over coffee.

But today, any business can acquire outsourcing services through the Internet. They can draft contracts with foreign Business Process Outsourcing (BPO) companies without the need to actually see each other face-to-face.

There are a ton of options in outsourcing. The top two countries that offer outsourcing services worldwide are the Philippines and India. The Philippines currently employs more than a million employees in the BPO industry, and that’s expected to increase to 1.3 or 1.5 million professionals in the next three years. It is the top destination of voice BPO, while it is second to India in non-voice services.

Meanwhile, India holds more than 65% of all IT-related outsourced jobs worldwide. The country boasts high-level competency in computer-related responsibilities and specialization, as well as a good grasp of the English language.

Outsourcing and Automation

In the years to come, there will be more outsourcing options, one of which is automation. Some businesses are beginning to rely on AI and modern technology to automate specific procedures without the need for human intervention. Outsourcing to automation is also becoming popular nowadays, and interestingly, there are also tasks that should not be automated—but that’s a topic for another day.